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  "documentTitle": "Target Corporation (TGT)",
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  "authorName": "William Ackman",
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      "text": "Target expressed the following concerns regarding the October 29th Transaction:",
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      "text": "\"The validity of assumptions supporting Pershing Square's market valuation of Target and the separate REIT entity\" — Management's Commentary. \"The reduction in Target's financial flexibility due to the conveyance of valuable assets to the REIT and the large expense obligation created by the proposed lease payments which are subject to annual increase\" — Management's Commentary. \"The adverse impact that the company believes the proposed structure would have on Target's debt ratings, borrowing costs and liquidity, exacerbated by current market conditions\" — Management's Commentary.",
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      "text": "Concern 1: Valuation; Management's Commentary: The validity of assumptions supporting Pershing Square's market valuation of Target and the separate REIT entity. Concern 2: Reduction in Target's financial flexibility and inflation risk; Management's Commentary: The reduction in Target's financial flexibility due to the conveyance of valuable assets to the REIT and the large expense obligation created by the proposed lease payments which are subject to annual increase. Concern 3: Credit ratings, borrowing costs, and liquidity; Management's Commentary: The adverse impact that the company believes the proposed structure would have on Target's debt ratings, borrowing costs and liquidity, exacerbated by current market conditions.",
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